利率互换市场稳步迈入20万亿元新时代

IRS Market Entering a New Era of 20 Trillion Yuan

2018年伴随整个固定收益市场迎来的新一轮牛市,利率互换市场也取得了突飞猛进的发展。备案机构已超过400家,成交量突破21万亿元大关。以X-swap为代表的电子化交易平台大幅提升利率互换市场交易效率,未来将对利率衍生品市场乃至整个固定收益市场的发展带来重要的推动作用。本文重点回顾2018年利率互换市场的运行情况,总结其新的发展特点,并对未来市场建设进行思考。

In 2018,with the fixed income market entering a new bull market,rapid developments have also been achieved in the IRS market.More than 400 institutions have registered with the authorities,and the market trading volume has reached over 20 trillion yuan.The electronic trading platform,i.e.,X-swap,has greatly improved the trading efficiency of the IRS market,and will play an important role in promoting the development of the interest rate derivatives market as well as the entire fixed income market in the future.This paper focuses on reviewing the operation of the IRS market in 2018,summarizes new development characteristics of the market,and offers thoughts on the future market construction.